“Signs of stress reappeared in the world economy and the short-term and medium-term prospects have been revised downward,” – said OPEC.
The growth of millet until 2024 was reduced to 104.8 million barrels per day, and up to 2040 up to 110.6 million barrels.
The production of OPEC oil will drop in the next 5 years, to 32.8 million barrels to 35 million barrels in 2019.
From October 2018, when Brent crude rises to above $86, the price fell by 30%. West Texas Intermediate has lost almost 20% over the same period.
On Tuesday, Brent was trading at $62.31 per barrel and WTI at $56.65.
“World demand growth will slow from 1.4 million barrels a day in 2018, up 0.5 million barrels by the end of the next 10 years”, – stated in the report of OPEC.
“Oil production outside OPEC will increase substantially,” says Neil Atkinson from the International energy Agency.
Meanwhile, demand growth slows and because of the deteriorating economic climate.
Early next year, the surplus can return to the markets.
In the next 20 years, oil will retain the largest share in the “energomiks”, 28%.
Natural gas will become the second source of energy, and its share will rise to 25% in 2040-M.
With the growing popularity of electric vehicles, reduced demand for traditional fuels, and by 2040-mu, their share will have half of all new passenger vehicles in OECD countries.